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BRIEF-Delcath Systems CEO issues letter to stockholders providing business update
September 22, 2017 / 12:48 PM / 3 months ago

BRIEF-Delcath Systems CEO issues letter to stockholders providing business update

Sept 22 (Reuters) - Delcath Systems Inc

* Delcath Systems - CEO issued letter to stockholders providing business update, “rationale for company’s recent actions to preserve access to capital​”

* Delcath - ‍as a result of shareholder non-approval of proposed reverse stock split, co could not regain compliance with continued listing on Nasdaq

* Delcath Systems - ‍since stock split proposal did not achieve required shareholder support, underlying issue of authorized share limit remains​

* Delcath Systems Inc - ‍concluded an agreement with 2016 convertible note holders that will resolve authorized shares limit issue​

* Delcath Systems - ‍ agreement with 2016 convertible note holders provides for issuance of Series C preferred shares in exchange for $0.5 mln in cash​

* Delcath - ‍unless co makes authorized shares available, access capital, it does not have ability to fund business, continue operations beyond next few months​ Source text for Eikon: Further company coverage:

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